Aramco Trading eyes 8-10 million bpd in downstream expansion

16/06/2019 Argaam

 

Aramco Trading Company, a wholly-owned subsidiary of Saudi Aramco, aims to reach 8-10 million barrels per day (bpd) on the back of growing downstream business, its CEO Ibrahim Al-Buainain said in a statement on Sunday.

 

The company opened its second international office in Fujairah, as part of a global push into new markets to secure buyers for refined products as well as crude.

 

The new facility, Aramco Trading Fujairah (ATF), will handle all Aramco Trading gasoline and fuel oil storage and blending activities, Al-Buainain added.

 

“At Fujairah, business operations started with 100,000 bpd and now stands at 350,000 bpd between gasoline and fuel oil,” he noted.

 

Aramco Trading Co. expects to see its oil trading volume rise to 6 million bpd by next year, the statement added.

 

In 2012, Aramco Trading was established to market refined products, and bulk petrochemicals.

 

Beginning with refined products from its overseas refineries in the past years, leading them to introduce trading non-Saudi crude oil in 2017 as the world’s largest oil exporter successfully optimizes profits.

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